Update: Fortunoff has filed for Chapter 11 bankruptcy protection. NEW YORK (Reuters) – U.S. retailer Fortunoff is considering filing for bankruptcy again, nearly a year after the company was bought out of bankruptcy for about $100 million by NRDC Equity Partners, according to sources familiar with the matter. The company is in discussion with liquidators […]
Last month, Senator John Ensign (R-NV) introduced legislation that would have provided a temporary suspension of income taxes for companies buying back their own distressed debt. The plan did not make it into the Senate’s economic stimulus package, but Ensign nonetheless managed to get a compromise that would amount to a massive bailout for private equity-backed companies. For the uninitiated, companies are required to pay income tax on any “gains” made by buying back their own debt at reduced prices. For example, imagine that Wire Corp. negotiates with its lenders to buy back $1 billion worth of notes for $700 million. Wire Corp. would then be required to pay income tax on the $300 million difference. The original Ensign bill would have eliminated those taxes for 2009 and 2010, but the compromise would defer 2009 and 2010 payments until 2011 (at the earliest), and then allow them to be paid out over an eight-year period.
Univita Health, a platform portfolio company of Genstar Capital, has acquired Enurgi, a provider of Web services for connecting families and patients with clinical caregivers. No financial terms were disclosed. Genstar recently formed Unitiva via the acquisition of Long Term Care Group, an Eden Prairie, Minn.-based provider of outsourced services to the long term care insurance industry and the geriatric care market.
Peak Technologies, a Columbia, Md.-based systems integrator of supply chain automation and inventory management solutions, has acquired Integrated Labeling Systems, a Nashua, N.H.-based provider of automatic ID solutions to manufacturing, distribution, warehousing and healthcare facilities. No financial terms were disclosed. Peak Technologies is a portfolio company of Platinum Equity.
(Reuters) – AT&T Inc (T.N) is among the bidders for Verizon Wireless’ roughly $3 billion in wireless assets the latter must divest as part of its purchase of Alltel Corp, the Wall Street Journal said, citing people familiar with the matter. Others include a joint bid from private-equity firms Carlyle Group and Kohlberg Kravis & […]
August Equity, a UK lower mid-market private equity firm, has backed a second round of bolt-on financing in a week for portfolio company Enara Group. On Friday 30 January, Enara bought Beech Care and Nursing Agency, a privately-owned domiciliary care agency. Today it added the simultaneous acquisitions of Companions Care and Freshford Homecare. Deal terms […]
(Reuters) UK private equity group Apax Partners and market research firm GfK are circling Synovate, the market research arm of Britain’s Aegis. The Daily Telegraph said Aegis Group Plc could decide to sell Synovate after a structural review, or the unit could be spun off if Aegis merges with French rival Havas SA. The Telegraph […]
NEW YORK (Reuters) – Interstate Bakeries Corp (IBCIQ.PK), the maker of Wonder Bread and Twinkies snack cakes, said on Tuesday it has emerged from bankruptcy after operating under court protection for more than four years. Interstate, based in Kansas City, Missouri, filed for bankruptcy protection in September 2004, as a drop in sales and higher […]
CHICAGO (Reuters) – Spectrum Brands Inc (SPCB.PK) said on Tuesday that it voluntarily filed for Chapter 11 bankruptcy protection and reached agreements with noteholders representing about 70 percent of its outstanding bonds to pursue a refinancing. Spectrum, whose shares were delisted by the New York Stock Exchange in January, is best known for its Rayovac […]
NEW YORK (Reuters) – Finance company GMAC LLC, which won a government bailout in December, posted a $7.46 billion fourth-quarter profit on Tuesday as a gain from a debt swap offset billions of dollars of losses in its auto and mortgage units. The profit compared with a loss of $724 million a year earlier and […]

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